Clayton - fsc.com.au

Clayton

OUR PURPOSE

To provide a Club culture for people who share a passion and commitment for the ocean.

OUR VISION

To be a premier ocean focused Club that supports and respects the ocean and the

various ways in which our members enjoy the ocean.

WE WILL ACHIEVE OUR PURPOSE AND VISION

THROUGH OUR SIX STRATEGIC THEMES

OFFICE BEARERS / ADMINISTRATIVE COMMITTEES

PATRON

The Hon. Kim Beazley, AC Governor of

Western Australia

VICE PATRON

Capt. Ainslie Morthorpe, RAN

COMMODORE

Ron Greer

VICE COMMODORE

Anita Wyntje

REAR COMMODORE SAIL

Bill Henson

REAR COMMODORE POWER

Rod Mews

REAR COMMODORE FISHING & DIVE

Neville Norkett

TREASURER

Rob Hodby

BOARD MEMBERS

Lyn Powell

Rod Mulcahy

Alan Stein

Phil Hearse

Trevor Richards

Anthony Kirke

Mike Walker

Kyle Timms

FINANCE COMMITTEE

Rob Hodby (Chair)

Commodore Ron Greer

Clayton Dodd

Lyn Powell

Alan Stein

Steve Wade

CEO Karen Baldwin

Financial Controller Janelle Whyte

HOUSE COMMITTEE

Vice Commodore Anita Wyntje (Chair)

Greg Hancock

Kaye Riseley

Darren Heath

Kelly Lavin

CEO Karen Baldwin

MAINTENANCE & PLANNING COMMITTEE

Mike Walker (Chair)

Commodore Ron Greer

Rear Commodore Sail Bill Henson

Bill Burbidge

Trevor Richards

Rod Mulcahy

Steve Wade

Anthony Kirke

Phil Hearse

Brad Saunders

CEO Karen Baldwin

Marina & Maintenance Manager Andrew Raven

MARINE ENVIRONMENT COMMITTEE


Anne Otness (Vice Chair)

Dean McKenna

Ian Le Provost

Dale Lovett

Anne South

Steve Parkinson

Jennifer Rice

Marina & Maintenance Manager Andrew Raven

MEMBERSHIP COMMITTEE



Rear Commodore Power Rod Mews

Rear Commodore Fishing & Dive Neville Norkett

PROTOCOL COMMITTEE

Commodore Ron Greer (Chair)

Protocol Officer Marija Vujcic

Vice Commodore Anita Wyntje


Rear Commodore Power Rod Mews

Rear Commodore Fishing & Dive Neville Norkett

SAILING COMMITTEE

Rear Commodore Sail Bill Henson (Chair)

Inshore Captain Brian Cooper

Offshore Captain Michael Thorpe

Dinghy Captain Matthew Till

Sailing & On-Water Manager Thor Schoenhoff

BOARD OF MANAGEMENT

Qualifications

Experience

Special Responsibilities

Commodore

Ron Greer (Rockaway)

Diploma, Agricultural

Technology

Business owner – automotive

and importing

Chairman of Chinese-

Australian joint venture

manufacturing company

Chairman of the Board. Chairman of

Protocol Committee

Member of Membership & Planning

and Offshore Safety & Race Control

Committees

Vice Commodore

Anita Wyntje (Flying

Sorceress)

BA, Med

Dip Public Safety (EM)

Project Manager, Dept. Primary

Industry & Regional

Development

Chairperson - Membership, House &

Marine Environment Committees

Rear Commodore Sail -

Bill Henson (Circa)

Engineer (Chemical) Company Director. Marketing

LNG in Asia

Contract & price negotiations.

Dispute Resolution

FSC Representative - Lease

Negotiations

Bali Race Director 2020

Rear Commodore Power -

Rod Mews (Equinox 7)

Fitter and First Class

Machinist

Business owner – automotive

LPG industry & vehicle body

manufacturing

FSC Power Section Committee

FSC Power Section Captain since

2018

Rear Commodore Fishing

& Dive - Neville Norkett

(Island Time)

Husband, Father,

Grandfather

Business Owner, Transport &

Logistics

Rear Commodore Fishing & Dive

Treasurer Rob Hodby Chief Financial Officer,

Company Secretary

Corporate Finance – resources,

biotech, agribusiness &

telecommunications

Chairperson - Finance Committee

Board Member

Lyn Powell (Fourth

Dimension)

Accountant – Bachelor

Accounting & Law. Post

Grad Corporate

Governance & Risk

Management. Chartered

Company Secretary

Financial Services – Banking &

Finance Risk

Chair of FSC Lease Committee

Finance Committee Member

Offshore Committee Member

AS National & Club Safety

Equipment Auditor

Board Member

Rod Mulcahy (Slipstream)

Electrician, Master Class 5 Charter Boat Owner

/Operator, Boat Building,

Electrical Contracting

Maintenance Committee Member

Board Member

Alan Stein (Cadence)

Geologist. BSc, PhD Oil & gas Exploration and

Production

Finance Committee Member

Board Member

Phil Hearse (Kondili)

BSc, Metallurgy

MBA Hull University

Managing Director

Metallurgy Process Engineer –

45yrs


Board Member

Trevor Richards (Amity)

RAAF 6 years. Mainframe

computer industry 10 years.

Business Owner - 34yrs.


Board Member

Anthony Kirke (Enterprise)

Engineer Company Executive, Mining Maintenance Committee Member

Board Member

Mike Walker (Pisces III)

Petroleum Geologist & Petro

physicist. BSc(Hons) Uni of

NSW.

Oil & Gas Exploration, 40 yrs

Business Consultant, 16yrs

Acting GM Feb-May 2019

Treasurer Fremantle to Bali 2017

Chairperson of Maintenance

Committee. Accredited SSSC Training

Facilitator

Board Member

Kyle Timms (Arena)

Mechanical Fitter Business Owner/Director

40 yrs

SECTION COMMITTEES

ANGLING

ARCHIVES

BOSUNS

CRUISING

John Bech – Capt. Carolyn Jupp – Chair Arthur John - Chief Steve Parkinson – Capt.

Sue Keenan-Smith Kaye Riseley Ross Ditchburn Michael Cameron

Robert Litster Frank Rodda Robert Kirton Morgan Flower

Coralie Litster June Rodda Bill Rawlings David George

Dianne Norkett Peter Stallwood Andrew Shoobridge Robyn Hayes-Hearse

Martin Smith Doug Taylor David Taylor Neal Knight

Joe Venter Janine Taylor John Wither John Martin

Ray Wilson Dean McKenna

Robert Morales

Clive Nielsen

Ole Otness

Martin Rice

DINGHY

DIVE

DUTY OFFICERS

GAME FISHING

Matthew Till – Capt. Ciaran Lavin – Capt. Greg Hancock - Chief George Greaves – Capt.

Jacinta Ainsworth Jeff Anderson Rex Baker Graeme Allen

Michael Compton Gavin Baynes Andrew Blair Brian Arnett

Robert Fleming Colin Enderbury Graham Collins Kevin Baker

Christopher Paterson Todd Haffner Dominic Di Latte Susan Chappell

Roger Pell Barbara O’Dowd Faye Grey John Cramer

Matthew Till Justin Rose Ken Hogan Mark Maher

Charles Toyn

Marg Walton

Kelly Lavin

John Lutey

Keith Millett

Alex Retallick

Garth Silcock

Norm Sudlow

Dianne Norkett

Andrew Robinson

Kellie Crofts

INSHORE

OFFSHORE

Colin Walters

John Wither

PIPES & DRUMS

POWER

Brian Cooper – Capt. Michael Thorpe – Capt. Stuart Bradford – Major Rod Mews – Capt.

Alan Anderson Maire Connolly Hilton Bradford Jason Berry

Amanda Casebier

Ernie Delfos

Steve Delfos

Frances Hammond

Stephen Kerr

Graeme Martin OAM

Colin McDougall

John Palmer

Iwona Cydejko

Andrew Harry

Bill Henson

Richard Kendall

Peter Kennington

Josephine Lukeman

Trevor Milton

Mark Nagle

Ian Fraser

Michael Lawlor

Fred Lunderstedt

Robert McKenzie

Sarah Satie

Sue Stanton

Johan Grobler

Jack Hayward

Sue Hayward

Leonie Mews

Charlotte Osborne

Antony Osborne

Roger Passmore Andrew Nuttman

Ian Ward Lyn Powell

John Rayner

Doug Steel

Barry Walsh

David White

FSC COMMODORES

1920

Capt

Capt. Oliver Burford 1971 Ken Cook 1996 Brian Wales

1922 Lieut. Alexander Loudon

Shand

1974 Basil Pritchard 1998 Peter Stallwood

1923 Major Percy Walter Dobson 1977 R Warren 2000 Hugh Plaistowe

1926 Frank Rochfort 1981 Geoffrey Carlisle 2002 Frank Daly

1929 Percy Leach 1981 Corrin Caine 2004 Peter Hector

1937 Bill Gartrell 1982 Norman Beurteaux 2006 Gary Webb

1938 Joe Cooper 1984 Peter Blaxell 2008 Alan Ledger

1949 William Dunn 1986 R Fleay 2010 Gary Martin

1954 Walter Vard 1988 G Lamotte 2012 The Hon. Bob Kucera

1957 Anthony Cicerello 1990 John Lightfoot 2014 Terry Baker

1960 Jack Coleman 1992 Ray Lynch 2016 Bill Burbidge

1961 Les West 1994 Kevin Owens 2018 Graeme Allen

2019 Ron Greer

PASSED LIFE MEMBERS

Hector Coates

Ted Adams Jack McGuinness

Percy Leach George Davies Hettie Sweetman

Vic Mews Bill Paddon Bill Fearn

Joe Cooper

Les Cook

Bill Dunn Percy White

Les Cook

Gerry Eaton

S

Bert Tyler Harry Ablett

Gerry Eaton

Fred Sweetman Senior

Fred Caple Jack Elliss

Fred Sweetman Senior Ted A’Vard Harry Raymond

Norm Salomons

Tony Cicerello Fred Sweetman Junior

Bert Tye Jean Caple Alf Maroney

Jack Craig Ken Cook Eileen Coates

John Darroch Basil Pritchard Ken Martin

Ron Warren Norm Beurteaux Agnes Hagen

John Miller Gran Hickling Steve Cicerello

Max Chalmers Bill Douglas Mae Sweetman

Margaret Beurteaux Max Shean Bob Wallis

Trevor Sutcliffe

CURRENT LIFE MEMBERS

Noel Sweetman

Bob Martin Bevan Knott

Peter Blaxell Colin McDougall Max Lamotte

Bruce Mitchell Robin Olsen Sue Olsen

Garth Silcock Mark Maher Alan Ledger

Peter Gilmour Peter Winter Wally Douglas

PERMANENT HONORARY MEMBERS

Julee Brown Denis Cullity Deanne Hill

Geoff Morton Jon Sanders AO OBE Zena Smith

COMMODORE’S REPORT

Dear Members

To say the past year has been challenging may be an understatement, given the

number of issues that the current Board has had to deal with. Many of these issues were

inherited, however, the major impact on the business model has been COVID-19,

something very few had ever predicted or expected.

The way in which this crisis has been handled is a credit to all, in particular our CEO and staff. The

expectation is that this pandemic may have a financial impact for some time to come; perhaps years and

our financial controls will need to be prudent for the foreseeable future.

Unfortunately, there are some areas in which expenditure can no longer be avoided as we are

non-compliant with some of our statutory requirements and these will need to be addressed in the coming

year. We have a solution for the condemned Service jetty and I recommend it to the membership for

approval. Plans for the new fire suppression system have DFES approval and we are awaiting scoping and

preparation of the tender documents. The Northern environs plan continues to evolve which will include

refurbishment of the hard stand area and the required civil works.

The negotiations regarding the Lease Agreement continue to impact the Club and although progress is

being made, unfortunately it is a time consuming process. Given the amount of the increase sought by the

Department of Transport (2090%), the Board feels it is imperative that every opportunity is taken to

mount a solid defence against the action.

A major initiative has been the web-based “MyBuildings” Programme which became “live” as of 1st July.

This programme allows the maintenance team to accurately monitor all Club assets to insure timely

maintenance and more importantly, accurate budgeting and depreciation schedules. This will allow any

future administrations to budget accurately on upcoming expenditure (1 month to 5 years), something

which has been sadly missing over past years. Maintenance Manager Andrew Raven is to be commended

for his diligence and foresight in establishing this programme.

The good news is that the Club’s 100th

year celebrations have resumed following the impost of the COVID

shut down, something many members have been eagerly anticipating. On-water activities have

recommenced, with all fleets reporting excellent numbers. A number of events which were cancelled due

to COVID are being rescheduled and will be announced in a revised programme. “The Great Gatsby Ball”

has been scheduled for Saturday 29th

August now that restrictions on numbers have been eased. Members

will need to book early given the “3 cheers for a 100 Years” was oversubscribed and many missed out...it

was certainly a great night.

Perhaps the only regret I have as Commodore, as this term comes to conclusion, is that the current Board

did not have time to address our archaic Constitution, which is seriously in need of reform and has been

so for a number of years. If fortunate enough to have the privilege of serving a second term and with a

cohesive team in place, it is something that would be addressed in consultation with membership early in

the new term.

Again thank you all for your support, it has been a privilege to be your Commodore.

Ron Greer

Ron Greer

COMMODORE

VICE COMMODORE’S REPORT

Dear Members

1 across: ‘Highway band performance electric; goes viral. Hell’s bells!’(5).

We might as well use ‘AC/DC’ to describe this past year – ‘Ante-COVID’ and

‘During COVID’. It will be a long time before we are PC – Post-COVID - and I predict

at least twelve months to achieve PP – Post Pandemic. However, we have all shown in the past few

months that we can cope with change as we embrace a new normal and we have returned to our sporting

and social functions at the Club with a renewed appreciation of just how lucky we are.

I have heard it said more than once that CV19, like a war, brought out the best in our community. Thank

you to our staff who kept the Club running and did 24/7 security shifts to maintain a presence whilst the

rest of us stayed away. Thank you to those who checked in with friends and acquaintances, thank you to

those who checked boats for the same, to those who continued to support the Club as a ‘takeaway joint’

and to those who quietly kept things like our underwater maintenance programs on anodes, marks and

moorings going.

Whilst I consider the impact of CV19, I particularly ask everyone to spare a thought for those who lost

loved ones during this time knowing that they could not attend, or could not be supported by people

attending, the funeral. A number of members passed away during this time who we would ordinarily have

been able to farewell more socially as a community. They are missed.

The new normal we are beginning to see is not just related to COVID, of course. A year’s worth of hard

work by the Board, Committees and Sections is beginning to be visible, especially so in the past few months

with CEO Karen in position and beginning to create stability at the operational level as well. I was going

say ‘calm’ rather than ‘stable’, but I don’t think Karen’s had a calm day since arriving here – starting with her

decision to help cook breakfast for the incoming Clipper crews at all hours way back in December!

A large proportion of energy this year has been spent dealing with the legacy of the past in terms of legal

matters to be resolved, policies to be reviewed and some very serious planning – financial and otherwise

- to be done to prepare us for the future. In many respects, we are still only learning where our strategic

- as opposed to operational – risks and priorities lie. It was really uplifting, though, to attend the recent

Section Budget meeting with the Section Captains and Treasurer, and to hear the talk around the table

focusing on one Club rather than disparate groups. Clearly THAT priority is becoming apparent to all!

For my part, I will provide some more detail on those aspects that have suffered my direct involvement

such as protocol and membership.

It took several months and input from a most valuable working group – larger than the Protocol Committee

– to define a protocol procedure which will hopefully serve us better than those of the past. Touch wood

as I write this – it remains untested. I suspect that is due to a combination of factors and attribution could

be a matter for endless debate.

Our membership welcome process is much improved from the days of the 15 minute interview – we now

welcome new members every month as a group, and have the opportunity to introduce the Club much

more effectively. The quarterly introduction is, as a result, more personal and social – all in all, a much

more enjoyable experience for everyone.

Like the protocol deliberations, ‘membership’ has been the object of discussion by a far wider group than

the prescribed Committee.

An examination of membership from many angles, including comparison with other clubs, our own

activities and related costs, club risks, membership types and privileges and the question of pathways means

that the ‘membership review’ is far from concluded. It is and will remain closely linked with the ongoing

analysis of the Club’s financial structure. Permanent changes will require changes to the Constitution –

more on that shortly – but in the interim we are trialling some ways to attract people and to make us a

more vibrant and competitive Club.

Guest pass – an opportunity to try FSC for a month and enjoy social aspects;

Local membership – a 12 month option for social participation open to residents of the Fremantle

electorate;

Crew membership – a discounted General membership allowing sailing crew nominated by their

skipper to have an AS number, sail and enjoy social participation (but not participate in other

sections).

The response to these trials will allow us to determine whether there is a business case to proceed with,

including these or similar types in future membership provisions. We have also introduced the discounted

‘Dinghy Parent’ option to allow these people supporting their immediate family juniors as volunteers to be

covered by insurance as members. This not only addresses a previously identified risk to the Club but

aligns well with the volunteer development and recognition program we have identified as being sorely

required. The CV19 impact on our anticipated summer of national and international competition has taken

the heat off the skills development somewhat, but our fundamental need in this area remains unchanged.

As a Club, we are marking small but consistent steps towards improved stewardship of the marine

environment. Sadly, COVID saw the postponement of our iconic promotion of ‘reduce, re-use, re-cycle’

– our Treasures of the Bilge (which was shaping up to be a cracker, with all local sailing clubs invited to

participate) and our awareness-raising ‘Beach Clean Up’ - these events are only part of the story. The

current Huck Scott Regatta is our first event aiming for ‘Clean Regattas’ recognition, we had a low-key but

most enjoyable sundowner for ‘World Oceans Day’ and we are gearing up to use funds raised through

the container deposit scheme to fund ongoing ‘good decisions’ that reduce our footprint. Meanwhile Jon

Sanders, undaunted by CV19, continues to fly the flag for FSC during the No Plastic Waste

circumnavigation.

Those of you with an interest in the topic will have noted – possibly to your frustration - that we do not

appear to have done anything as far as a review of the Constitution goes. As far as wider consultation

with members is concerned, that is true. Knowing now what this Board has needed to deal with during

this term, I can safely say now that we were mad to think this might be done within the year.

Our learnings as we try to plot a course forward, however, are being noted and will (hopefully) be reflected

in the next Board’s efforts. Speaking of the next Board – I believe the majority of this year’s members,

myself included, have put their names forward hoping to continue the work started this year. Stability and

continuity will be critical to timely action in a number of areas. There is a great deal to do, and it is worth

doing – against the background of our rudely interrupted centenary year.

Let me conclude then by saying “May the work continue and let the celebrations resume”!

Anita Wyntje

VICE COMMODORE

REAR COMMODORE SAIL’S REPORT

Dear Members

The sailing season can be summed up:

“It was the best of times, it was the worst of times…it was the season of light, it was

the season of darkness ….it was the spring of hope, it was the winter of despair”.

The summer sailing season started strongly with good participation across all sections and some successful

combined events, such as the weekend race and cruise to Mandurah and return. This event is already

scheduled for March next year to coincide the annual beach party held by Mandurah Offshore Fishing &

Sailing Club.

The Clipper round the world fleet visited FSC in December and Sir Robin Knox-Johnson reaffirmed that

Fremantle is one of their favourite stopovers, with a warm welcome from FSC staff, members and Bosuns.

Fremantle was well represented in the 2019 Sydney to Hobart Race with crews, skippers and boats including

the Division 2 win by Enterprise (Anthony Kirke).

The 2020 Fremantle to Bali Race and Rally attracted 50 expressions of interest which were then converted

into 28 formal entries, including an entry from Hong Kong. Unfortunately the event was postponed due to

COVID-19. A race and rally to Exmouth is planned for May 2021 and this will be launched in the next

month or so. It is hoped that a race and rally to Indonesia will be planned for 2022.

Other sailing highlights include approaching 50 participants in our core ‘learn to sail pathway’ (Optimist fleet)

which is on track with forecast and the Sea Safety and Survival course attracting 50 participants. FSC is now

the principal provider of this course in WA.

All sailing activities ceased in March due to COVID however due to the dedication of our Sailing Office and

some helpful input from Australian Sailing, FSC was one of the first clubs in WA to resume sailing in

compliance with the COVID regulations.

I would like to thank the section committees led by Matt Till, Steve Parkinson, Brian Cooper and Michael

Thorpe for their work done during the year to organise, promote and encourage participation in all forms

of sailing. I would also like to thank the many on-water and off-water volunteers across the sections –

without their help, we couldn’t go sailing.

Bill Henson

REAR COMMODORE SAIL

REAR COMMODORE POWER’S REPORT

Dear Members

Wow, what a year. We have not had a General Meeting since November last year.

There were a lot of events held at the Club both before and after Christmas – we had

a fantastic start to the 100-year celebrations with the Clubs’ Opening Party. It was a

screaming success enjoyed by all those who attended.

Open Day unfortunately had to be cancelled and most of the Club shut down Club because of the virus

and the restrictions imposed. Things have only just returned to normal this month, apart from border

closures.

There are a lot of people and businesses suffering out there – many whom are members of this Club and I

can only wish them all the best and hope they recover from the devastating times. There is a new ‘Members

Business Register’ of members that can offer goods and or services to other members and I strongly urge

all members to get a copy (from Josh in Marketing) and support their fellow member, especially in these

tough financial times.

Bosuns

The Clipper Fleet arrived just before Christmas last year and they made use of the Bosuns shed as a base

for their maintenance work. The Bosuns installed a lean-to for the crews and maintenance staff to work

under as it was an extremely hot time of the year. A couple of boats arrived in time for the Bosuns Annual

Christmas Party, where they enjoyed the food supplied by the team and their wives. The Bosuns gave them

valuable local knowledge and helped with some of their maintenance jobs. The crew and staff enjoyed their

coffee and plenty of ice and cold water as they were really feeling the heat. The morning of their departure,

the Bosuns held a bbq and played "Great Southern Land" several times, which was really enjoyed. Clipper

crew and staff said that Fremantle Sailing Club was the best port of call of their trip.

The Bosuns continued to support the Harbour Masters during the Christmas break before they were forced

to shut down because of COVID-19. They were up and running again at the end of May, much to the

delight of the Harbour Masters who had growing list of jobs to do. The Bosuns were glad to be back to

catch up with one another and support the Club. Apart from still doing their usual maintenance jobs

(checking ribs, re-fuelling and maintaining club boats) they have been busy checking fire pumps and sail

marks. They helped build the new cubby house for the kids’ playground and installed the blackboards around

the fence earlier this year for the children to draw their masterpieces! Thank you Bosuns, you all do so much

for our Club.

Pipes and Drums

The main event for the Pipes & Drums is the Highland Games which was unfortunately cancelled due to

COVID. Another busy day for the band is ANZAC Day, where they normally play at several events. This

too had to be cancelled so members of the band played ‘Amazing Grace’ in their driveways at home, no

doubt giving their neighbours some joy at 6.00am!

The section has finally recommenced practice on Tuesday evenings and are in the midst of organising solo

and band competitions at the Club. Their new kilts have been made but have not yet left the UK because

of delays arising from COVID. Along with each of the sections, Pipes & Drums supports, promotes and

represents our Club continuously throughout the year, Thank you.

Power Section

Prior to COVID-19, the Power Section was very active with many social events attracting good numbers.

Larger events included the section Christmas Party and the Australia Day Raft up which had 14 vessels.

The most popular was the Emergency Interaction Day which saw 106 members from various sections

learning about the different types of fire extinguishers and flares and how to use them. Not to mention

AIS, VHF, DSC and EPIRBS. Andrew Raven also gave a great demonstration on the club’s emergency

equipment.

I trust that the members who attended learnt some valuable skills and I would like to sincerely thank eFire

and Safety, Fremantle Sea Rescue, the Department of Transport and of course our very own Harbour Office

for sharing your knowledge and helping make this such a popular day. Feedback from the event has been

so encouraging, thank you.

Sadly the 2020 Abrolhos Trip (where we had 10 boats registered) was cancelled because of the information

at hand about the virus restrictions. It turns out that the information provided was incorrect - it could have

gone ahead as the islands were not shut down! According to one vessel that went, the weather was the

best they had seen for years!!! Hopefully we will make it there next year.

Upcoming events that were planned for the rest of the year are under review by the Power Committee

(according to our revised budget) so members are encouraged to attend section meetings to find out what

is coming up.

Rod Mews

REAR COMMODORE POWER

REAR COMMODORE FISHING & DIVE’S

REPORT Dear Members

This last year has certainly been a very different year for all us. My first 12 months as

Rear Commodore was a fantastic journey. After over 16 years of membership, I have

learnt how much satisfaction there is in getting involved in our Club. I am now aware

of how much our Club needs its volunteer group and how much time so many members put into making

our Club work. My sincere thanks goes to all those that work so hard across the Fishing and Dive sections

and make it enjoyable for all members. Special thanks goes to the 3 section captains - Ciaran Lavin, John

Bech and George Greaves. A very special thanks to George who is retiring this year to spend more time

with his family. He will be sadly missed as Game Fishing Captain.

Now a little bit about what these sections have been up to…

Dive Section

Monthly dives didn’t go as well as planned this year as Success was out of the water a period. We got the

boat back and the world changed with COVID-19. Meetings and dives reopened just recently and what a

great response we had from members. While the world stopped, our tireless volunteers continued with

maintaining Club assets and saving us dollars. Our sincere thanks to all. Below is a short list of what this

section has been up to in the past 12 months. So, if you have a love for what’s under the water as I do,

come along and get involved in this section, you won’t regret it!

Regular social dives on Success and Max Shean as weather and COVID-19 allowed (both day and

night dives);

Consistent attendance of all Dive Section meetings;

Training of 4 skippers – 3 almost complete just waiting on updated first aid certificates and sign off

by Harbour Master Andrew Raven;

Successful Harbour Clean up once again;

Running of the photo competition – understandably the finish was an anti-climax thanks to COVID-

19 (130 entries over 9 categories);

Refurbishment of the Dive Shed;

Regular maintenance of Dive section assets such as shark shields, tanks, regulators etc by Safety and

Equipment officer and team;

Consistent maintenance of marks and moorings by the marks and moorings team (both inshore and

offshore as sharks allowed – yes sharks!!);

Laying of Clump weights for catamaran moorings;

Survey of Jetty’s as directed by Andrew Raven to assist with maintenance programs;

Consistent management of jetty anodes;

Evidence presented by Marks and Moorings Committee that our harbour is becoming cleaner every

year;

Annual Christmas and Australia Day Cruise;

Organisation of overseas dive trips;

Presentation of dive topics by various members at monthly meetings;

Some members being involved in the movie Pearls and Blackbirds (A WA Museum publication).

Game Fishing Section

The three main highlights for the year were the Snapper Competition, the Blue Marlin Classic and

involvement in Gamex in Exmouth.

The Snapper Comp - another great weekend is coming up on the 8th of August. If you like catching fish,

having great conversation and a good meal then please come along and get involved. Even if you are like

me who stands there and watches his lovely wife Dianne catch a 5 kg pinky and win a prize, you can still

have a lovely meal and enjoy great company.

The Blue Marlin Classic had to fight bad weather, then some really bad weather, however a Marlin was

caught along with other species and a great weekend was had at Rotto.

Two groups from FSC fished Gamex and came 3rd overall - they did our Club proud. Again, this is a great

section to get involved in. Even if you know nothing about Game Fishing, come along to our next Section

meeting on the 6th August and learn how to catch snapper, book yourself on Club boat Success and watch

it all happen and win a prize.

Angling Section

This is also another great section to be involved in. Monthly fishing competitions are well supported. Even

someone with fishing skills like mine has won a prize. Although COVID-19 slowed this section down, it was

so encouraging to see familiar faces and some new ones back again.

Below is also a brief summary as to what this section has been up to in the last 12 months. I encourage

those who have a love for fishing and those that want to learn to come along to our section meetings, join

in, book yourself a spot on Success and better people than me will teach you how to fish!

4 Kids clinics - always fully booked and very popular;

Consistent attendance of all Angling meetings;

1 Rebound Clinic (people with disability 1 new member resulted from this);

Ladies Day - fully booked and resulted in a new member for the kids clinic;

Alzheimer clinic - always very successful

Weekend and mid-week fishing clinics;

Reconnection with Australia Angling Association.

Neville Norkett

REAR COMMODORE FISHING & DIVE

TRUSTEES REPORT

Dear Members

On behalf of my fellow Trustees, I present this report on the operations of the Club’s Trust Fund for the

financial year ended 31 March 2020. During the period, the fund increased in value from $19,489,081 to

$20,219,307, an overall gain of $730,225, compared to the previous year’s gain of $1,360,901.

Excluding the bona-fide amount, the performance of the fund was a loss of $765,775 primarily from

unrealised losses on investments due to the COVID-19 impact on the stock markets, compared to the

previous year’s surplus of $498,094.

Performance

2019/20 2018/19

$ $

Bona-fide amount received 1,496,000 1,000,000

Bona-fide payments - (137,193)

Dividends and interest received 420,536 594,995

Profit and (loss) on sale of securities 202,133 (4,161)

Unrealised gains / losses on investments (1,371,295) (59,015)

Administration costs (32,431) (48,725)

Pen rent received 15,282 15,000

Gain $730,225 $1,360,901

The Fund is represented by

Cash and term deposits 13,870,007 14,364,799

Property and receivables 200,000 267,450

Investments at market value 6,149,299 4,859,729

Fund Value $20,219,307 $19,491,978

Up until mid-February 2020, the fund was performing admirably with a peak surplus of $990,413, only to

suffer the full impact of the COVID-19 pandemic which saw a massive unprecedented decline in world stock

markets. In a very short period, the average decline in major world stock markets was 36% reaching its

lowest point on 23rd March, just short of our year end date. This sudden and unexpected downfall resulted

in our yearly performance recording an overall loss for the full 12-month period to 31st March of $765,775.

Since the markets low point in late March, world markets have for at least the time being, recovered as

much as 38% from their lows. Your trustees took a conservative approach and decided not to sell at low

levels whilst maintaining a healthy cash balance of $13.8m or 70% of the total fund value. This has resulted

in all of the 2019/20 losses being recovered and it is pleasing to report that at the date of this report our

surplus for the period since year end is approximately $800,000.

Whilst interest rates are also at record lows and are expected to remain there for some time, the Trustees

are in no hurry to redeploy funds into equities or other investments, but certainly will take advice from our

appointed Independent Professional Fund Managers on the Trust’s investment strategies, which constantly

need adjustment in this ever changing world we now live in. Opportunities for future investment will be

considered once the market shows stabilisation and there is a return to some normality based on strong

economic fundamentals.

Current investments totalling $6,149,299 (market value 31/03/2020) are managed in two separate portfolios

by Cannacord Genuity and JB Were with both managers reporting performance to the Trustees on a regular

basis.

Your Trustees continue to maintain a very cautious view on the future of the market during these turbulent

and uncertain times, with the primary objective of delivering the returns the fund requires to maintain its

expected future value to match the requirements of the F-Schedule.

Of major significance to the Fund, continues to be the jetty and pen replacement programme which is our

largest commitment in the F-Schedule in the lead up to the Club’s lease renewal in 2045. This has a major

impact on the calculation of the bona fide amount that the Club needs to contribute to the Fund each year

to ensure adequate funds are available as and when required.

In conclusion, I thank my fellow Trustees, Alan Ledger, Paul Arns and Brad Saunders and Club Accountant

Janelle Whyte for their valuable contributions throughout the year. Unfortunately, Alan ledger will not be

seeking re-election as a Trustee at the forthcoming AGM.

Clayton Dodd

CHAIRMAN OF TRUSTEES

TREASURER’S REPORT

FOR THE YEAR ENDED 31 MARCH 2020

The Treasurer, Mr Robert Hodby, is pleased to present the report on the financial

performance of the Fremantle Sailing Club Inc., Fremantle, Western Australia, for the

twelve months ended 31 March 2020.

The Treasurer has been in office since 23 July 2019. His qualifications and experience is outlined on page 3

of this report. Janelle Whyte held the position of Financial Controller at the end of the financial year.

Dear Members

I would like to thank the staff and Board of Management for their great effort in this most challenging of

years.

We started this year with an interim General Manager and finished with a new CEO, Karen Baldwin, hopefully

ending a period of dislocation and disruption where the Club has suffered through a lack of cohesive

leadership. There was also a changing of the guard in the finance office with Mary Paley retiring as Club

Accountant after 11 years and the hiring of Janelle Whyte. Later, as we started to celebrate the Club’s 100th

Anniversary, many of the Club’s operations were shut down due to COVID-19 restrictions. We also had

the ongoing lease negotiation and significant changes to the reporting of Club finances to contend with.

These changes or more specifically the management instability preceding them is reflected in the financial

results.

The operating profit before depreciation, provisions for doubtful debts and interest expense was $687k,

down $737k when compared with last year. The biggest impact on the financials has been the egregious

2090% rent increase claimed by the Department of Transport. The Club has strong grounds to challenge

the proposed increase and while confident of a resolution we are required to report a financial provision of

$962k for the period.

Legal fees associated with the proposed rent increase, various actions against the Club, and recruitment

costs also contributed significantly to the downturn in operating profit. Spending on repairs and maintenance,

an area badly neglected for several years, has also increased significantly. This will be an area of particular

attention in future budgets as we play catch up to maintain our facilities.

Overall revenue in the core areas of Jetties & Harbours, Food & Beverage and the Boatyard was down 9%

to $5.7m while operating costs increased by 1% to $4.7m. In F&B, unmanaged wages, in particular

overstaffing has been pervasive and with stronger management and closer monitoring of rosters, this

culture of inefficiencies is slowly being corrected. Functions continue to be a drain with a 40% drop in

revenues, and tighter cost controls should show improvement once these areas are back in operation. In

the Boatyard, equipment downtime and leaky spray sheds prevented the Boatyard from matching previous

years’ incomes.

A key mission this year was to provide some stability and direction amongst the staff, whilst gaining a clear

picture of the operations that drive the Club. The management team with the support of the Board of

Management will implement measures to increase revenues and better manage costs in various sections of

our operations. One of these measures include generation of budgets from the ground up through a

process of consultation with the management teams responsible for each division. This ensures both

accountability and greater attention to performance and ongoing systems improvements.

Even through the chaos imposed by the COVID-19 pandemic these measures, and various others

introduced by the CEO, are starting to have an impact on performance.

While the next financial year is going to be no less challenging than the last, it is anticipated that we will see

an improved financial performance across several sectors from these initiatives in 2020-21 subject to the

ongoing impacts of COVID-19.

Summary of Net Profit Performance by Activity

2019/20 2018/19 2017/18

Membership 327,127 377,556 159,391

Jetties & Harbours 812,659 1,123,763 1,061,619

Food & Beverage (278,569) ( 38,028) ( 3,005)

Boatyard 418,711 480,392 516,964

Property & Investments 733,605 780,004 781,738

Administration & Common Costs ( 1,117,229) ( 1,076,234) ( 967,966)

FSC Academy ( 209,155) ( 223,385) ( 168,465)

Operating Surplus 687,150 1,424,067 1,380,275

Less

Depreciation* 1,213,333 909,630 878,346

ASSB16 Interest 676,863 - -

Provision for Dot Rent - 190,000 -

Provision for Doubtful Debts* 250,876 48,439 18,941

Net Surplus ( 1,453,922) 275,998 482,988

* depreciation and provision for doubtful debts have been apportioned across all sections

Impact of regulatory changes - Changes in Accounting Standards introduced this year have resulted in

increased losses for the year of $961,108. The new leasing standard required the lease with the department

of transport to be capitalised for the life of the lease with an increase in depreciation of $284,985 and a

deemed interest expense of $676,864. The new Revenue from Contracts standard required that nomination

fees be brought to account over 10 years rather than the year in which they are received, reducing revenue

in the 2020 year by $33,959.

Membership – Member subscriptions were up 5% for the year with overall membership revenues up $87k

(4%). This was overshadowed by an increase in Membership expenses of $138k (7%). The bulk of these

increases were, Staff & Consultancy $70k, Legal fees $20k, and Repairs & Maintenance $44k.

Harbours & Jetties – net result was a loss of $311k compared to 2019. Leading this was an increased $252k

on repairs and maintenance.

Food & Beverage – Total sales in F&B were down $415k (12%). Cost of goods dropped but not

proportionally, reducing the margin. Staff costs also failed to decline at the same rate as total sales and as

a result staff costs as a % of sales increased from 51% to 54%.This may be attributable to the lack of

management for most of the year. Expenditure on repairs and maintenance was up $15k (21%) on 2019.

Works Area – Turnover in the boatyard declined $82k (7%). Early in the year there was an issue with one

of the lifters not operating, sheds closed for maintenance.

Property & Investments – Revenues from hardstand pens and ramp fees were up $34k (5%) but interest

received was down $78k (37%), as interest rates dropped over the year. There was also an increase in

repairs and maintenance, $6k (4%) in this area for the year.

Administration & shares costs – The instability and changes in management throughout the year is reflected

in the increase in costs in Administration. Staff recruitment was up $55k, Consultancy $65k, Salaries & Wages

$35k, and IT Support $10k (6%). Legal costs were also up, $44k (63%), as the club contested several claims

against it.

FSC Academy – Turnover in the Academy increased with coaching fees and other revenues up $26k (39%).

Costs also increased but by a smaller 4% ($11k) resulting in the Academy being the only area that improved

its position from 2019.

Future Capital Works

Repairs and maintenance costs were up across all areas of the Club in 2019-20 as management were catching

up on overdue works that had not been undertaken over the past few years.

During the year a new maintenance planning program, MyBuildings, was implemented. As part of this

process a detailed engineering review of all the Club’s assets was undertaken by consulting engineers WGA

and the Maintenance Committee. Following several years of under spending, a number of unbudgeted

maintenance projects were undertaken including the replacement of the spray shed roofs.

A five year capital budget has now been established. The capital budget will be matched with the schedule

maintained by the Trustees to quantify the funds and timing required for the future replacement and

refurbishment of Club assets. This includes maintaining the certification and maximising the life of the Club’s

major infrastructure.

The capital budget for 2020-21 covers essential work required to bring the highest risk assets up to the

necessary standard to achieve or maintain compliance with statutory requirements. These include:

Jetty & Mooring Piles $402k - includes replacement of failing finger jetty beams

Service Jetty replacement $1,100k – currently condemned

Hydrological & Fire Services $1,500k – current system is not compliant with current regulations

Southern Loading Bay Fencing & Gates $170,000 – occupational health and safety requirement

General Building Maintenance $337k – safety and life expectancy extension

Works Area, Hardstand, Parking & Road $4M – environmental compliance and life expectancy extension

As Management, BOM and the Maintenance Committee prepare more detailed costings and schedules for

each project, they will be presented at general meetings for approval by membership.

Rob Hodby

TREASURER

FINANCIAL REPORT


INDEX

BALANCE SHEET ................................................................................................................. 20

SUMMARY INCOME AND EXPENDITURE ACCOUNT ........................................ 21

NOTES TO THE ACCOUNTS ........................................................................................... 22

STATEMENT OF CASH FLOWS ...................................................................................... 34

NOTES TO THE STATEMENT OF CASH FLOWS .................................................... 35

DECLARATION BY THE BOARD OF MANAGEMENT ......................................... 12

INDEPENDENT AUDIT REPORT .................................................................................. 13

AUDITOR’S INDEPENDENCE DECLARATION ...................................................... 15

DETAILED INCOME AND EXPENDITURE ACCOUNTS ..................................... 16

FREMANTLE SAILING CLUB (INC.)

BALANCE SHEET

AT 31 MARCH 2020

Note 2020 $

2019 $

Club Funds Accumulated Surplus 2,400,186 6,221,099 Contributions to Capital Works 2 11,564,420 11,381,950 Asset Revaluation Reserve 3 975,005 975,005 Club Trust Fund 4 20,219,306 19,489,081 Wainwright Trust Fund - 1,000

TOTAL CLUB FUNDS 35,158,917 38,068,135

Represented by: Current Assets Cash on hand 22,800 22,800 Cash at bank and on deposit 7,195,776 8,012,899

Accounts receivable 242,921 507,327 Inventories - at lower of cost and net realisable value 116,635 204,143 Prepayments and other debtors 231,147 218,218 Club Trust Fund investments 4 20,219,306 19,489,081

28,028,585 28,454,468

Non-Current Assets Fixed Assets (leasehold improvements, plant & equipment) 5 24,356,358 11,566,420

24,356,358 11,566,420

Total Assets 52,384,943 40,020,888

Current Liabilities Trade and other payables 2,077,568 1,420,009 Lease Liability 9 760,000 - Income in advance Nomination Fees in Advance 1(a)(i)

683,665 902,051

412,161 -

Wet Pen & Hardstand Wait list fees 49,825 45,075 Unsecured notes 13,826 13,826

4,486,935 1,891,071

Non-Current Liabilities

Provision for long service leave Lease Liability 9

44,944 12,694,151

61,682 -

12,739,095 61,682

Total Liabilities 17,226,030 1,952,753

NET ASSETS 35,158,917 38,068,135

This Balance Sheet should be read in conjunction with the accompanying notes.


SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2020

Schedule 2020 $

2019 $

Net Contributions Cost Centre – Membership 1 (99,366) (131,272) Cost Centre - Jetties and Hardstands 2 692,250 1,057,302 Cost Centre – Restaurants and Bars 3 (599,437) (357,379) Cost Centre - Works Area 4 227,697 350,373 Cost Centre - Property and Investments 5 (255,503) 752,911 Cost Centre - Club Administration & Common Costs 6 (1,210,409) (1,172,552) Cost Centre – FSC Academy 7 (209,155) (223,385)

Operating Surplus/(Loss) (1,453,922) 275,998

Other Income Sale of Assets (2,536) 32,573

Net Surplus/(Loss) (1,456,458)

308,571 Note Surplus / (Loss) on Trustee Funds 6 (765,775) 498,094

Total Surplus/(Loss) (2,222,233) 806,665

Accumulated Surplus Brought Forward 6,221,099 6,775,335

Amount Available for Appropriation 3,998,866 7,582,000

Transfer (To)/From Reserves: Club Trust Fund 4 (730,225) (1,360,901)

(730,225) (1,360,901)

Adjustment for application of AASB 15

(868,456)

-

ACCUMULATED SURPLUS CARRIED FORWARD 2,400,186 6,221,099

This Summary Income and Expenditure Account should be read in conjunction with the accompanying notes.


NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2020

1 STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Fremantle Sailing Club (Inc.) (Entity or Club) is not a reporting entity and is a non-for-profit incorporated association under the Associations Incorporation Act 2015.

(a) Basis of Preparation

The financial report is a Special Purpose Financial Report which has been prepared in order to satisfy the financial reporting requirements of the Constitution of the Club and Associations Incorporation Act 2015 (WA). The Board of Management have determined that the accounting policies adopted are appropriate to meet the needs of the members. The Special Purpose Financial Report has been prepared in accordance with the recognition and measurement requirements of all applicable Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board and Australian Accounting Interpretations.

The disclosure requirements of the following Standards have been adopted in full:

AASB 101: Presentation of Financial Statements; AASB 107: Statement of Cash Flows; AASB 108: Accounting Policies, Changes in Accounting Estimates and Errors; AASB 110: Events after the Reporting Period; AASB 1048: Interpretations of Standards; AASB 1054: Australian Additional Disclosures;

The financial report has been prepared on an accruals basis and is based on historical costs and does not take into account changing money values or, except where stated, current valuations of non-current assets. Cost is based on the fair values of the consideration given in exchange for assets.

The following is a summary of the material accounting policies adopted in the preparation of the financial report. The accounting policies have been consistently applied, unless otherwise stated.

New and amended standards adopted by the Club

The Club has applied the following standards and amendments for the first time for their annual reporting period commencing 1 April 2019: AASB 15: Revenue from contracts with customers (AASB15), AASB 1058: Income of Not-for-Profit Entities (AASB 1058) and AASB 16: Leases (AASB16).

i. AASB 15 Revenue from Contracts with Customers Under AASB 15, the club must assess whether the activities related to its nomination fees satisfy a performance obligation. When those activities do not satisfy a performance obligation, because no good or service is transferred to the customer, no amount of the transaction price should be allocated to those activities. Rather, the nomination fee should be included in the transaction price that is allocated to the performance obligations in the contract. Refer to 1(h) for new accounting policies

The impact of the new AASB 15 Accounting Standards compared with the previous Accounting Standards on the current reporting period is as follows: New Previous Difference $ $ $ Nomination fees in advance (902,051) - 902,051 Retained Earnings – Opening Balance 807,732 1,676,187 (868,456) Current Year – Surplus / (Deficit) 189,976 223,571 (33,595)

ii. AASB 1058 Income of Not-for-Profit Entities

AASB 1058 introduced changes to the income recognition by not-for-profit (NFP) entities. Rather than accounting for all contribution transactions under AASB 1004 Contributions, NFPs need to determine whether a transaction is a genuine donation (accounted for under AASB 1058,) or a contract with a customer (accounted for under AASB 15 Revenue from Contracts with Customers).


There is no material adjustment as a result of the adoption of AASB 1058.

iii. AASB 16 Leases

AASB 16 introduces new or amended requirements with respect to lease accounting. It introduces changes to lessee accounting by removing the distinction between operating and finance lease and requiring the recognition of a right-of-use asset and a lease liability at commencement for all leases, except short-term leases and leases of low value assets. The impact of the adoption of AASB 16 on the financial statements is described below. The date of initial application of AASB 16 is 1 January 2019. A lease is a contract that grants the right to use an identified asset for a period of time in exchange for consideration and the contract grants the right to control the use of that identified asset throughout the period of use. Fremantle Sailing Club leases the land and seabed on which the Club is situated from the Department of Transport, these leases are within the scope of AASB 16 Leases. During the year the Club received a letter from the Department of Transport advising that the rent was to be increased from $34,700 to $760,000 per annum. During the year the Club has been engaging legal advisors to attempt to have the proposed new rent amount of $760,000 reduced to an appropriate amount. The Club has prudently provided for the full amount of the $760,000 annual rent up to 31 March 2020. In accordance with AASB 16 a right-of-use asset $13,252,302 was recognised and measured based on the fair value of the total lease payments over 49 and 99 year lease period based on the disputed annual rent of $760,000. The asset is amortised over the full lease period of 49 year and 99 years. There is 26 years left of the 49 year seabed lease agreement and 59 years left of the 99 year land lease

The impact of the new AASB 16 Accounting Standards compared with the previous Accounting Standards on the current reporting period is as follows:

$ Right of Use Asset 13,252,302 Lease Liability (13,454,151) Interest Expense 676,864 Depreciation 284,985

(b) Leasehold Improvements, Property, Plant and Equipment

Property, plant and equipment is stated at cost less accumulated depreciation and any impairment in value.

Land and buildings are measured as fair value less accumulated depreciation.

Leasehold Improvements is stated at cost or deemed cost less accumulated depreciation and any impairment value.

Assets in the course of construction (work in progress) are shown at historical cost. Historical cost includes directly attributable expenditure on leasehold improvements, plant & equipment, which at the reporting date, have not yet been finalised and/or are not yet ready for use. Assets in the course of construction are not depreciated as not yet available for use.

Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: -Buildings – over 20 to 50 years -Leasehold Improvements – over 20 to 50 years -Plant and Equipment – over 5 to 15 years. Note: From April 2018 the depreciation rate on buildings and leasehold improvements was changed to 5.00% from 2.00%


NOTES TO THE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 31 MARCH 2020

1 ACCOUNTING POLICIES (CONT’D)

(c) Impairment At each reporting date, the Club reviews the carrying values of its tangible and intangible assets to determine whether there is any indication that those assets have been impaired. If such an indication exists, the recoverable amount of the asset, being the depreciated replacement cost, is compared to the asset’s carrying value. Any excess of the asset’s carrying value over its recoverable amount is expensed to the income statement.

Where it is not possible to estimate the recoverable amount of an individual asset, the Club estimates the cost of the group of assets to which the asset belongs.

(d) Inventories

Inventories are measured at the lower of cost and net realisable value.

(e) Employee Benefits

Provision is made for the Club’s liability for employee benefits arising from services rendered by employees to balance date. Employee benefits that are expected to be settled within one year have been measured at the amounts expected to be paid when the liability is settled, plus related on-costs. Employee benefits payable later than one year have been measured at the present value of the estimated future cash outflows to be made for those benefits when they are considered material.

(f) Financial assets and financial liabilities

Classification

Management have made the irrevocable election, upon adoption of AASB 9, to account for the equity investments held at fair value through other comprehensive income (FVOCI). i. Trade receivables

Receivables are initially recognised at fair value and subsequently measured at amortised cost, less provision for doubtful debts. Current receivables including GST are due for settlement within 30 days and other current receivables within 12 months.

The Club continues to assess on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk From trade receivables, the Club applies the simplified approach permitted by AASB 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables.



ii. Trade and other payables

Trade payables and other payables are carried at amortised cost and represent liabilities for goods and services provided to the Club prior to the end of the financial year that are unpaid and arise when the Club becomes obliged to make future payments in respect of the purchase of these goods and services. The amounts are unsecured and usually paid within 30 days of recognition. The Club recognises fees and charges to its members on an accruals basis and where these invoices are for the delivery of future goods and services, the amounts are deferred onto the balance sheet and amortised over the period the goods and services are provided. iii. Investments

The Club elected to present in OCI changes – gains or losses, whether realised or unrealised (Club Trust Fund) in the fair value of all its equity investments previously classified as available-for-sale, because these investments are held as strategic investments that are not expected to be sold in the short to medium term.

Shares in listed companies and income securities held as current assets are valued by the Board of Trustees at

those shares/income securities market value at each balance date. iv. Cash

For the purpose of the Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank; term deposits include deposits held at call with financial institutions, other short term, highly liquid investments with maturities of twelve months or less, that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts.

(g) Annual Subscriptions and Charges

Annual subscriptions and charges are accounted for on an accrual basis in the period to which they relate.

(h) Revenue

Revenue from the sale of goods is recognised upon the delivery of goods to customers.

Nomination fee income is recognised over the estimated membership life of a new member being the period during which the club member is expected to benefit from the payment of the fee. The estimated membership life has been determined as a period of 10 years. This is a significant judgement. Interest revenue is recognised on a proportional basis taking into account the interest rates applicable to the financial assets.

Dividend revenue is recognised when the right to receive a dividend has been established.

Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.

Income received in advance for Wet Pen and Hardstand waiting lists is recognised as a liability on the balance sheet until the member in waiting moves into a Wet Pen or Hardstand bay. This amount is then refunded to the member.

(i) Income Tax

The club is exempt from income tax by virtue of section 50-45 of the Income Tax Assessment Act 1997.



(j) Income in advance

The Club recognises fees and charges to its members on an accruals basis and where these invoices are for the delivery of future goods and services, the amounts are deferred onto the balance sheet and amortised over the period the goods and services are provided.

(k) Maintenance and Repairs

Maintenance, repair costs and minor renewals are charged as expenses when incurred. (l) Committee Remuneration

No members of any committee of the Club are remunerated for their services to that committee.

(m) Goods and Services Tax (GST)

Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not recoverable from the Australian Taxation Office. In these circumstances the GST is recognised as part of the cost of acquisition of the asset or part of an item of the expense. Receivables and payables in the statement of financial position are shown inclusive of GST.

(n) Comparative Figures

Where required by Accounting Standards, comparative figures have been adjusted to conform with changes in presentation for the current financial year.

(o) Judgements and Estimates

AASB 1058 and AASB 15 require the use of certain critical accounting estimates in the preparation of the financial statements. It can also require management to exercise its judgement in the process of applying the Company’s accounting policies. There have been no instances involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements.

(p) Club Funds

The Club funds represent accumulated surplus funds derived from trading activities and specific reserves established in line with the objectives of the Club. The Club recognises commissions from the transfer of Leases between members (type 2) within the contributions of capital line in the balance sheet (refer note 2) on the basis that these amounts reflect movements in ownership rights relating to the initial sale of Club Leases (type 1).

(q) Critical accounting estimates and judgments

The Board of Management evaluate estimates and judgements incorporated into the financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and within the Club.

(r) New, revised or amending Accounting Standards and Interpretations Adopted The Club has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. Certain new accounting standards and interpretations have been published that are not mandatory for 31 March 2020 reporting periods and have not been early adopted by the Club. Details of these new standards and interpretations are set out below. Management is still assessing the impact of these new standards and interpretation.



Standard Name Effective date for entity

Requirements

AASB 2020-1: Amendments to Australian Accounting Standards - Classification of Liabilities as Current or Non-current

Annual reporting periods beginning on or after 1 January 2022

As these amendments only apply for the first time to the 31

December 2022 balance sheet (and 31 December 2021

comparative balance sheet), the entity is not yet able to make

an assessment of the impacts regarding the right to defer

settlement, compliance with bank covenants, and intention to

settle.



2020 $

2019 $

2 Member Contributions (a) Member Contributions – Part I Leases

Balance at the beginning of the year 723,283 753,200 Transfer to Capital Contributions (34,000) (29,917)

Balance at the end of the year 689,283 723,283

(b) Member Contributions – Part II Leases

Balance at the beginning of the year 10,658,667 10,417,695 Contributions – transfer of pen leases 182,470 211,055 Transfer from Member Contributions – Part I Leases 34,000 29,917 Buy Back of Leases (Pens) - - Buy Back of Leases (garage and open stand) - -

Balance at the end of the year 10,875,137 10,658,667

MEMBER CONTRIBUTIONS 11,564,420 11,381,950

3 Asset Revaluation Reserve

Balance at the beginning of the year 975,005 975,005

BALANCE AT THE END OF THE YEAR 975,005 975,005

4 Club Trust Fund

Details of movement in the Club Trust Fund are set out below:

Balance at the beginning of the year 19,489,081 18,128,180 Transfer from income and expenditure account (Note 6) 730,225 1,360,901

BALANCE AT THE END OF THE YEAR 20,219,306 19,489,081

Represented by:

Call and Term Deposits with Bank 13,870,007 14,364,799 Receivables / (Payable) - 64,553

Property 200,000 200,000

Shares in Listed Companies - At cost* 8,331,176 - Unrealised gains / (losses) (2,181,877) 6,149,299 4,859,729

20,219,306 19,489,081

* Market Value 31 March 2020 - $6,149,299 (Market Value 31 March 2019 - $4,859,729)


NOTES TO THE ACCOUNTS (CONT'D)


2020 2019 $

5 Leasehold Improvements, Plant & Equipment Vessels/rescue boats - at cost 1,168,489 984,822 Less: accumulated depreciation (799,436) (709,221)

369,053 275,601

Furniture, fittings and equipment - at valuation 1 April 1992 288,118 288,118 Furniture, fittings and equipment - at cost 4,533,903 4,039,034

4,822,020 4,327,152 Less: accumulated depreciation (3,432,167) (3,159,862)

1,389,853 1,167,290

Leasehold improvements - at cost 9,861,364 9,722,941 Leasehold improvements - at valuation 3 Dec 1997 7,621,314 7,621,314 Leasehold improvements - work in progress 229,764 586,304

17,712,442 17,930,559 Less: accumulated depreciation (8,367,293) (7,807,030)

9,345,149 10,123,529

Less: Right of Use Asset (Lease) 13,252,302 -

TOTAL FIXED ASSETS 24,356,358 11,566,420

6 Club Trust Fund - Income and Expenditure Income Interest earned on direct investments 200,954 320,630 Dividends and distributions from Managed Portfolio 219,582 274,365 Profit / (loss) on sale of securities within Managed Portfolio 202,133 (4,161) Unrealised gain / (loss) on investments (1,371,295) (59,015) Pen Rent Received 15,282 15,000

(733,344) 546,819 Expenditure

Administration Costs (32,431) (48,725)

Net Surplus / (Loss) (765,775) 498,094

Transferred from FSC Operating Account to Trust Fund 1,496,000 1,000,000 Refurbishments and replacements funded from Trust Fund - (137,193)

1,496,000 862,807

730,225 1,360,901



7 Financial Instruments (a) Financial Risk Management Objectives and Policies Financial instruments held by the Club are cash and cash equivalents, term deposits and receivables and payables. The Club has limited exposure to financial risks. The Club’s overall risk management program focuses on managing the risks identified below.

Credit risk Credit risk arises when there is the possibility of the Club’s receivables defaulting on their contractual obligations resulting in financial loss to the Club. The Club measures credit risk on a fair value basis and monitors risk on a regular basis. The maximum exposure to credit risk at balance sheet date in relation to each class of recognised financial assets is the gross carrying amount of those assets inclusive of any provisions for impairment.

The Club trades only with recognised, creditworthy third parties. The Club has policies in place to ensure that sales of products and services are made to customers with an appropriate credit history. In addition, receivable balances are monitored on an ongoing basis with the result that the Club’s exposure to bad debts is minimal. There are no significant concentrations of credit risk.

Provision for impairment of financial assets (other than financial assets classified as fair value through OCI) is calculated based on past experience, and current and expected changes in client credit ratings in accordance with AASB 9.

Liquidity risk The Club is exposed to liquidity risk through its trading in the normal course of business. Liquidity risk arises when the Club is unable to meet its financial obligations as they fall due.

The Club’s objective is to maintain a balance between continuity of funding and flexibility. The Club has appropriate procedures to manage cash flows by monitoring forecast cash flows to ensure that sufficient funds are available to meet its commitments.

Market risk The Club is exposed to market risk with its investment portfolio. This risk is mitigated by diversifying the investments.

(b) Categories of Financial Instruments

In addition to cash, the carrying amounts of each of the following categories of financial assets and financial liabilities at the balance sheet date are as follows:

2020 2019

Financial Assets

$ $

Cash and cash equivalents 8,851,728 1,708,032

Term Deposits 12,236,856 20,692,466

Receivables 474,068 792,995

Investments at market value (FVOCI) – refer to 1(f)(iii) 6,149,299 4,859,729

Financial Liabilities

Financial liabilities measured at amortised cost (1) 2,091,392 1,436,732

(1) The amount of financial liabilities measured at amortised cost excludes GST payable to the ATO

(statutory receivable/payable).



(c) Financial Instrument Disclosures

Credit Risk, Liquidity Risk and Interest Rate Risk Exposure

The following table details the exposure to liquidity risk and interest rate risk as at the balance sheet date. The Club’s maximum exposure to credit risk at the balance sheet date is the carrying amount of the financial assets as shown on the following table. The Club does not hold any collateral as security or other credit enhancements relating to the financial assets it holds. The Club does not hold any financial assets that had to have their terms renegotiated that would have otherwise resulted in them being past due or impaired.

The club does not trade in foreign currency and is not materially exposed to other price risks.

Financial Instruments

Fixed interest rate maturing in 1 year or

less Non-interest bearing

Total carrying amount as per bal.

sheet

Weighted average effective

interest rate

2020

$

2019

$

2020

$

2019

$

2020

$

2019

$

2020

$

2019

$

Financial Assets -

Cash 8,828,928 1,685,232 22,800 22,800 8,251,639 1,708,032 1.57% 2.36% Term Deposits 12,236,856 20,692,466 - - 12,236,856 20,692,466

Receivables - 474,068 792,995 474,068 792,995 N/A N/A

Listed Shares - 6,149,299 4,859,729 6,149,299 4,859,729 N/A N/A

21,065,784 22,377,698 6,646,167 5,675,524 27,711,951 28,053,222

Financial Liabilities

Trade Creditors & Accruals

- - (2,091,392) (1,436,732) (2,091,392) (1,436,732)

Lease Liabilities - - 13,252,302 - 13,252,302 - 5% -

Net Fair Values 20,465,695 22,377,698 4,554,775 4,238,792 25,620,559 26,616,490



Fair Values

All financial assets and liabilities recognised in the balance sheet, whether they are carried at cost or fair value, are recognised at amounts that represent a reasonable approximation of fair value unless otherwise stated in the applicable notes.

8 Operating Lease Commitments

The 2020 commitment has been accounted for under AASB 16 from 1 April 2019, refer to note 9, as a result the commitment figure is nil.

2020 2019 Payable $ $

Not later than one year - 760,000

Later than one but not later than five years - 1,330,000

- 2,090,000

9 Lease Liabilities The Club leases land and seabed from the Department of Lands and managed by the Department of Transport (DOT). Base rent is subjected to review and revision every three years and is determined at the start of the three years period. The Club was notified mid-April 2019, of the increase in rent from $34,700 to $760,000 (ex gst) per annum. A formal objection has been lodged by the Club’s solicitors and, reserving the right to go to arbitration, negotiations with the landlord have been entered into. The Club has accounted for this lease using an annual rent of $760,000.

Interest rate sensitivity analysis

The following table represents a summary of the interest rate sensitivity of the Club’s financial assets and liabilities at the balance sheet date on the surplus for the period and equity for a 1% change in interest rates. It is expected that interest rates will remain constant, however, should the trend of the past 12 months continue, the entity has used a 1% increase. The entity has also used a 1% decline on the basis if there is an event similar to the GFC that could cause a decline in interest rates.

Carrying amount

-1% change Profit

-1% change Equity

+1% change Profit

+1% change Equity

2020

$000

2019

$000

2020

$000

2019

$000

2020

$000

2019

$000

2020

$000

2019

$000

2020

$000

2019

$000

Financial Assets Cash and cash equivalents

8,251 1,708 (82) (17) (82) (17) (82) 17 (82) 17

Term Deposits 12,236 20,692 (12) (207) (12) (207) (12) 207 (12) 207

Total Increase/(Decrease)

(94) (224) (94) (224) (94) 224 (94) 224


Refer to Note 1(a) for adoption of AASB 16

2020 2019 $ $

Lease liability (current portion) 760,000 -

Lease liability (non-current portion) 12,694,151 -

13,454,151 -

10 Contingent Liabilities

The Club is not involved in any industrial relations disputes with current and former employees. There are two other matters involving members which are unresolved, and no amounts have been recorded as a liability in the financial statements due to the uncertainty over the outcomes of these matters. 11 Events after the reporting period.

The COVID-19 outbreak was declared a pandemic by the 'World health Organization' in March 2020. The outbreak and the response of Governments in dealing with the pandemic is impacting the general activity levels within the community, the economy and to an extent the operations of Fremantle Sailing Club’s business. For the period to (and at) 31 March 2020 there was no significant impact on operations, cash flow and financial condition. However, the impact of the Coronavirus (COVID-19) pandemic is ongoing and while it has been operationally challenging for a number of operational departments within the Club such as Food & Beverage, Marketing & Membership since 31 March 2020, it is not practicable to estimate the potential impact, positive or negative, after the reporting date. The situation is rapidly developing and is dependent on measures imposed by the State and Australian Government and other countries, such as maintaining social distancing requirements, quarantine, travel restrictions and any economic stimulus that may be provided. No other matter or circumstance has arisen since 31 March 2020 that has significantly affected, or may significantly affect the Club's operations, the results of those operations, or the Club’s state of affairs in future financial years.


STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2020

Inflows/(Outflows)

2020

$ 2019

$

Cash Flows from Operating Activities

Income from operations 9,257,261 9,657,541 Payments to suppliers and employees (8,239,883) (8,043,076) Interest & dividends received 130,010 208,497

Net cash inflow from operating activities (Note (i)) 1,147,388 1,822,962

Cash Flows from Investing Activities (Note (ii)) Payments for leasehold improvements, plant and equipment (468,521) (537,814) Net gains / (losses) from sale of plant and equipment - 32,573

Net cash outflow from investing activities (468,521) (505,241)

Cash Flows from Financing Activities Lease payments - -

Net cash outflow from financing activities - -

Cash Flows from Trust Fund Payments to Trust Fund (1,496,000) (1,000,000) Receipts from Trust Fund - 137,193

Net Flows (To) / From the Trust Fund (1,496,000) (862,807)

Net increase in cash held (817,133) 454,914 Cash at the beginning of the financial year 8,035,699 7,580,785

CASH AT THE END OF THE FINANCIAL YEAR (Note (iii)) 7,218,566

8,035,699


NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2020

2020 $

2019 $

(i) Reconciliation of net cash provided by Operating Activities to

Operating Surplus.

Operating Surplus (1,456,458) 308,571

Depreciation & amortisation 1,213,333 909,630 (Profit)/Loss on sale of plant & equipment 2,536 (32,573) Changes in assets and liabilities

(Increase)/Decrease in accounts receivable 264,406 3,594 (Increase)/Decrease in stock on hand 87,508 (27,086) (Increase)/Decrease in prepayments and sundry debtors (12,929) (60,175) Increase/(Decrease) in trade creditors and other payables 574,422 314,766 Increase/(Decrease) in income in advance 309,849 33,146 Increase/(Decrease) in provision for Staff Leave (16,738) 162,034 Increase in Member contributions 181,469 211,055

NET CASH PROVIDED BY OPERATING ACTIVITIES 1,147,388 1,822,962

(ii) The Statement of Cash Flows represents the operations of Fremantle Sailing Club Inc. and not the investment

activities of the Trustees. (iii) For the purpose of the Statement of Cash Flows, cash includes

cash on hand and in banks. Cash at the end of the financial year as shown in the Statement of Cash Flows is reconciled to the related items in the balance sheet as follows:

Cash 22,800 22,800 Cash at bank and deposit 7,195,766 8,012,899

CASH AT THE END OF THE FINANCIAL YEAR 7,218,566 8,035,699


DECLARATION BY THE BOARD OF MANAGEMENT The Board of Management has determined that the Fremantle Sailing Club (Inc.) (“the Club”) financial report is not a reporting entity and that the special purpose financial report should be prepared in accordance with the accounting policies outlined in Note 1 to the financial statements and the Associations Incorporation Act 2015. The Board of Management of the Club declare that:

1. the financial statements and notes to the financial statements as set out on pages 3 to 18 give a true and fair view of the Club’s financial position as at 31 March 2020 and its performance for the year ended on that date in accordance with the accounting policies described in Note 1 to the financial statements.

2. In the Board of Management’s opinion there are reasonable grounds to believe that the Club will be able to

pay its debts as an when they become due and payable. This declaration is made in accordance with a resolution of the Board of Management.

Ron Greer COMMODORE Dated at Perth this 6th day of July 2020

Robert Hodby TREASURER Dated at Perth this 6th day of July 2020


INDEPENDENT AUDIT REPORT



AUDITOR’S INDEPENDENCE DECLARATION


DETAILED INCOME AND EXPENDITURE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2020

2020 $

2019 $

SCHEDULE 1 - COST CENTRE – MEMBERSHIP Income Members Subscription 1,470,155 1,392,584 Members Nomination Fees 189,976 220,523 Rates Levy 285,456 283,823 Administration Fees - Transfer of Pens 13,500 24,000 Miscellaneous Income 256,845 150,634 Unredeemed House Support Levy 231,576 224,461

Total Income 2,447,508 2,296,025

Expenditure Affiliation Fees 65,312 61,279 Bad Debts Written Off/Provision for Doubtful Debts 111,178 2,774 Rescue Boats 38,260 35,178 Birthday Vouchers 15,548 13,943 Blue Water Bulletin 9,652 (1,177) Cleaning and Rubbish Removal 63,303 64,964 Club Activity 165,008 179,117 Committee Activity 273,858 188,365 Complimentary Services (693) 4,220 Computer Expenses 76,685 71,735 Consultancy 73,727 25,031 Legal Fees 71,078 51,183 Depreciation and Amortisation 315,315 316,053 Electricity 20,734 19,012 Equipment Rent 1,590 645 Grants & Special Payments - 42,700 Insurances 45,410 39,815 Marketing 2,714 20,287 Moorings 13,720 3,412 OSH Expenses 4,105 4,640 Payroll Tax 17,336 17,400 Printing, Postage, Stationery and Couriers 73,388 65,657 Rates and Taxes 349,469 369,807 Rent/Accrued Rent - DoT - 190,000 Repairs and Maintenance 131,376 87,608 Sailing Events 16,160 13,090 Sailing Administration Costs 183,460 158,802 Salaries & Wages 331,508 309,959 Staff Expenses - Training & Recruitments 7,199 4,169 Staff Leave Liabilities 38,303 37,646 Superannuation 31,521 29,193 Web Page 650 790

Total Expenditure 2,546,874 2,427,297

NET INCOME/(LOSS) (99,366) (131,272)


DETAILED INCOME AND EXPENDITURE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 31 MARCH 2020

2020

$ 2019

$ SCHEDULE 2 - COST CENTRE - JETTIES & HARDSTANDS Income Pen Dues 601,655 581,082 Pen Rental Income – Club Pens 981,038 1,012,439 Ramp Fees 33,073 65,525 Service Charge, Electricity 89,848 96,683 Permanent Power Connection Fees 4,000 12,364 Miscellaneous Income 1,958 1,400

Total Income 1,711,571 1,769,493

Expenditure Provision for Doubtful Debts 68,242 13,885 Boat Expenses 23,763 12,850 Cleaning & Rubbish Removal 50,330 46,488 Consultancy Fees - Depreciation & Amortisation 52,167 52,575 Electricity 99,504 110,230 Environmental & OSH Costs 463 - Insurances 39,684 33,714 Payroll Tax 12,210 13,256 Repairs & Maintenance 351,899 100,095 Salaries & Wages 231,937 245,781 Security Patrol Fees 24,456 27,583 Staff Expenses, including Training 9,759 4,644 Staff Leave Liabilities 29,495 22,374 Superannuation 23,040 24,500 Water, Rates & Taxes 2,374 4,216

Total Expenditure 1,019,321 712,191

NET INCOME/(LOSS) 692,250 1,057,302

SCHEDULE 3 – COST CENTRE – RESTAURANTS & BARS SCH Income/(Loss) from Operating Schedules Galley 3.1 (377,051) (316,637) Club Bar 3.2 12,434 (24,832) Wardroom - Members 3.3 (71,298) (37,315) Wardroom - Members’ Private Functions 3.4 (163,522) 21,405

NET INCOME/(LOSS) (599,437) (357,379)



2020 $

2019 $

Schedule 3.1 – Sub-Cost Centre - Galley

Food Sales Total Sales 1,077,688 1,048,763 Cost of Sales Opening Stocks 76,553 49,793 Purchases 681,405 778,907 Transfers – From / (To) Other Cost Centres (206,420) (290,910) Wastage (21,552) (23,792) Closing Stocks (36,332) (76,553)

Total Cost of Sales 493,655 (437,445)

Gross Profit - Food 584,033 611,318

Beverage Sales Total Sales 106,888 112,582 Cost of Sales Transfers – from Other Cost Centres 42,235 44,833

Total Cost of Sales (42,235) (44,833)

Gross Profit – Beverage 64,653 67,749

Total Gross Profit – Galley 648,686 679,067

Miscellaneous Revenue 3,761 3,836

Expenditure Bad Debts Written Off - 82 Cleaning & Rubbish Removal 50,409 54,542 Consumables 36,361 30,007 Consultants - 500 Depreciation 83,555 79,569 Electricity & Gas 19,258 23,451 Insurance 14,281 12,801 Licences; Rates & Taxes 5,453 5,631 Miscellaneous Expenses 3,360 4,588 Payroll Tax 32,518 30,592 Online Reservation Fees 2,076 842 Repairs & Maintenance 35,470 22,254 Salaries & Wages 628,803 607,343 Superannuation 58,656 54,401 Staff Leave Liabilities 30,101 41,926 Staff Expenses, including Training & Recruitments 7,749 7,219 Stock Wastage 21,448 23,792

Total Expenditure 1,029,498 999,540

NET INCOME/(LOSS) - GALLEY (377,051) (316,637)



2020 $

2019 $

Schedule 3.2 - Sub-Cost Centre - Club Bar

Beverage Sales Total Sales 738,904 734,943 Cost of Sales Opening Stocks 81,237 64,785 Purchases 434,311 497,855 Transfers – to Other Cost Centres (164,074) (185,101) Wastage (12,671) (12,208) Closing Stocks (49,282) (81,237)


Gross Profit - Beverage 449,384 450,849

Package Beverage Sales Total Sales 93,752 84,521 Cost of Sales Transfers - from Other Cost Centres 60,662 56,328


Gross Profit – Package Beverage Sales 33,090 28,193

Total Gross Profit - Club Bar 482,474 479,042

Trade Rebates & Miscellaneous Revenue 13,181 35,605

Expenditure Bad Debts Written Off 26 Cleaning & Rubbish Removal 29,460 30,429 Complimentary Bar Food 11,950 10,730 Consumables 10,734 14,312 Consultants 4,900 14,875 Depreciation 74,870 75,042 Electricity 14,143 15,667 Entertainment - 2,549 Freight Charges 3,368 2,101 Insurance 10,599 9,224 Licences; Rates & Taxes 5,977 6,205 Miscellaneous Expenses 1,542 900 Payroll Tax 13,206 14,009 Repairs & Maintenance 8,707 20,130 Salaries & Wages 241,910 264,986 Superannuation 24,506 25,834 Staff Leave Liabilities 8,038 15,620 Staff Expenses, including Training & Recruitments 6,643 4,632 Stock Wastage 12,667 12,208

Total Expenditure 483,220 539,479

NET INCOME/(LOSS) - CLUB BAR 12,434 (24,832)



2020 $

2019 $

Schedule 3.3 - Sub-Cost Centre - Wardroom - Members Food Sales Total Sales 121,344 135,451 Cost of Sales Transfers - from Other Cost Centres 56,744 62,180



Beverage Sales Total Sales 55,578 60,835 Cost of Sales

Transfers - from Other Cost Centres 24,164 27,433


Gross Profit - Beverage 31,414 33,402

Total Gross Profit - Wardroom - Members 96,013 106,673

Miscellaneous Revenue 30,704 35,338

Expenditure Cleaning & Rubbish Removal 19,033 20,362 Consumables 2,830 2,822 Decorations & Function Expenses 11 338 Depreciation 19,184 19,287 Electricity & Gas 4,234 4,913 Insurance 3,792 3,129 Licences; Rates & Taxes 1,904 2,013 Miscellaneous Expenses - - Payroll Tax 5,957 4,689 Repairs & Maintenance 5,209 3,243 Salaries & Wages 117,593 99,852 Superannuation 10,652 8,276 Staff Leave Liabilities 7,023 9,587 Staff Expenses, including Training & Recruitments 594 815


NET INCOME/(LOSS) – WARDROOM - MEMBERS (71,298) (37,315)



2020 $

2019 $

Schedule 3.4 - Sub-Cost Centre – Wardroom - Members Private Functions

Food Sales Total Sales 468,494 747,329 Cost of Sales Purchases 97 12 Transfers – from Other Cost Centres 122,370 194,340



Beverage Sales Total Sales 148,240 231,017 Cost of Sales Opening Stocks - 7,467 Transfers - from Other Cost Centres 36,912 50,017 Wastage - - Closing Stocks -


Gross Profit – Beverage 111,328 173,533

Total Gross Profit – Wardroom - Members Private Functions 457,451 726,510

Other Function Revenue 122,136 165,793

Expenditure Advertising & Promotion 5,775 10,376 Bad Debts Written Off 4 1,728 Cleaning & Rubbish Removal 42,213 50,577 Marketing Contractors 90,717 51,430 Consumables 10,263 15,041 Decorations & Function Expenses 46,658 44,011 Depreciation 143,254 143,617 Electricity & Gas 20,773 25,130 Insurance 12,778 11,244 Licences; Rates & Taxes 5,977 6,284 Miscellaneous Expenses 90 108 Payroll Tax 14,014 18,030 Repairs & Maintenance 36,688 25,441 Salaries & Wages 253,111 375,551 Superannuation 25,268 31,094 Staff Leave Liabilities 31,100 56,016 Staff Expenses, including Training & Recruitments 4,426 5,220 Stock Wastage - -


NET INCOME/(LOSS) – WARDROOM - MEMBERS PRIVATE FUNCTIONS

(163,522) 21,405



2020 $

2019 $

SCHEDULE 4 – COST CENTRE – WORKS AREA Income Affiliated Members 436,186 381,721 Crane Hire 3,528 3,451 Environmental Levy 21,608 24,089 Fuel Franchise 64,291 45,146 Hardstand Rents 261,880 325,205 Lift & Clean Fees 28,828 36,401 Lifter Fees 174,776 206,907 Service Jetty Fees 8,771 18,834 Spray Shed Rents 31,453 71,327 Tradesman’s Pass 51,668 61,030 Rebates (56,134) (66,170) Total Income 1,026,855 1,107,941 Expenditure Bad Debts Written Off - 7,144 Provision for Doubtful Debts 71,451 22,800 Debt Collection Costs - 1 Cleaning & Rubbish Removal 35,081 42,083 Depreciation & Amortisation 119,563 100,075 Electricity 16,168 17,905 Environmental & OSH Consultants 6,918 7,485 Insurances 33,420 28,901 Payroll Tax 14,943 14,718 Repairs & Maintenance 141,375 140,726 Salaries & Wages 261,533 262,466 Service Jetty Pen Rent 25,700 44,943 Staff Expenses, including Training & Recruitments 8,368 4,400 Staff Leave Liabilities 8,711 12,425 Superannuation 25,549 25,814 Hazardous Waste Removal 13,023 10,432 Rates & Taxes 17,355 15,250

Total Expenditure 799,158 757,568 NET INCOME/(LOSS) 227,697 350,373



2020 $

2019 $

SCHEDULE 5 - COST CENTRE – PROPERTY & INVESTMENTS

Income from Rents Marine Services Building Rents 145,942 144,178 Marine Services Building Electricity 9,000 18,705 Shed Rents 26,165 26,000 Garage Rents 103,371 95,374 Hardstand Rents 388,729 354,418 Dinghy Rack Rents 10,247 11,340 Rent – Curtin University Building 10,406 10,268

Total Income from Rents 693,860 660,283 Investment Income Dividends Received - Interest from deposits 130,010 208,497 Total Income from Investments 130,010 208,497

Total Income 823,870 868,780 Expenditure

Depreciation & Amortisation 312,245 27,093 Electricity 2,836 5,892 Insurances 25,772 22,048 Repairs & Maintenance 19,248 13,451 Rates & Taxes 15,865 15,250 Hardstand Security Patrols 15,462 23,630 Interest 676,863 - Consultancy & Legal Fees 11,082 8,505

Total Expenditure 1,079,373 115,869 NET INCOME/(LOSS) (255,503) 752,911



2020 $

2019 $

SCHEDULE 6 - COST CENTRE - CLUB ADMINISTRATION & COMMON COSTS

Expenditure - Club Administration Audit Fees 18,793 18,780 Bank Charges 5,073 5,732 Cleaning & Rubbish Removal 794 1,821 IT Support 27,117 16,820 Consultancy Fees 70,681 6,150 Electricity 8,082 8,953 Legal Fees 113,506 69,545 Payroll Tax 22,599 25,022 Photocopier Costs 8,052 8,052 Salaries & Wages 477,808 442,562 Staff Expenses, including Training & Uniforms 9,654 10,640 Staff Leave Liabilities 27,690 35,088 Staff Recruitment 55,201 275 Superannuation 39,166 43,385 Telephone 27,550 24,359

Total Expenditure – Club Administration 911,766 717,184

Expenditure - Common Costs Depreciation & Amortisation 93,180 96,319 Electricity 20,681 19,502 Environmental 463 - Garden Maintenance 20,177 40,781 Insurances 36,685 30,771 Repairs & Maintenance 45,948 47,565 Security & Guard Fees 69,516 62,573 Subscriptions 5,245 7,928

Total Expenditure – Common Costs 291,895 305,439

Non-recurring Expense Back Payment of Leave Loading 6,748 149,929

TOTAL EXPENDITURE 1,210,409 1,172,552



2020 $

2019 $

SCHEDULE 7 - COST CENTRE – FSC ACADEMY Income Junior Coaching / Programme Fees 14,700 7,931 Junior Get Into Small Boat Sailing 2,880 880 Keel Boat Training – on Airborn 8,230 9,751 Keel Boat Training – on SB20s 18,866 15,096 Safety & Sea Survival Course 33,892 7,254 Tackers - 14,299 Private Lessons / Training Camps 12,084 5,364 Donations & Sponsorships 1,000 5,457 Total Income 91,652 66,032

Expenditure

Airborn Expenses 9,158 7,289 Boat Expenses 19,342 11,406 Coaches - Courses 23,061 21,982 Coaches – Junior Fleet 63,150 68,343 Course Registration Fees - 1,867 Course Materials & Expenses 3,145 3,638 Payroll Tax 6,787 7,229 Safety & Sea Survival Course Expenses 16,227 4,043 Salaries & Wages 125,333 129,502 Staff Expenses, including Training & Recruitments 10,903 993 Staff Leave Liabilities 11,196 5,104 Superannuation 12,503 13,021 Travel Assistance Grants - 15,000


NET INCOME/(LOSS) (209,155) (223,385)



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